Background*

Mr. Cornelis Josephus Antonius van Lede, also known as Kees, serves as the President of INSEAD. Mr. van Lede is a Senior Advisor JP Morgan Plc. He served as an Executive Officer of Koninklijke Philips Electronics NV. He served as the Chief Executive Officer and Chairman of the Board of Management at Akzo Nobel NV from 1991 to May 2003. He also served as the Vice Chairman of the Board of Management of Akzo Nobel since 1992. He joined Akzo Nobel NV in 1991 as a member ... of its Board of Management. From 1991 to 1994, he served as Vice President of the Union of Industrial and Employers' Confederations of Europe (UNICE). Mr. van Lede serves as Chairman of the Supervisory Board at Koninklijke Douwe Egberts B V., a subsidiary of Sara Lee Corp. He serves as Chairman of the Supervisory Board of the Dutch Central Bank and INSEAD. He serves as the Chairman of the Board of Directors at Institute of Business Administration. He served as the Chairman of Supervisory Board at Heineken NV from 2004 to April 25, 2013. He served as the Chairman of Supervisory Board at Royal Imtech N.V., from August 2, 2013 to May 12, 2015. He served as a Vice Chairman of D.E Master Blenders 1753 N.V. until February 27, 2013. He has been an Independent Director of Air France KLM SA and its subsidiary, Air France since June 24, 2004 and since 2004 respectively. Mr. van Lede has been a Director of Sara Lee Corporation since October 2002 and Koninklijke Philips Electronics NV, since 2003. He had been an Independent Director of L'Air Liquide SA since 2005. He serves as Director, Unit Board Member and Member of Supervisory Board of INSEAD. He served as Member of the Supervisory Board at Philips Lighting B.V. from 2003. He serves as a Member of supervisory Board at Air France-KLM, Koninklijke Tichelaar and Dura Vermeer. He has been a Member of the Supervisory Board of Philips Electronics North America Corporation, Philips Malaysia Sdn. Bhd., and Philips Electronics Singapore Pte. Ltd. since 2003. He serves as a Member of the Supervisory Board at Sara Lee (USA)/DE NV, Scania AB (Sweden). He has been Member of the Supervisory Board at Philips Medical Systems International B.V. since 2003. He has been a Member of European Advisory Council of JP Morgan Chase & Co. since October 2005. Mr. van Lede served as a Member of the European Advisory Council at JPMorgan Chase & Co. since October 2005. He served as a Director of Hillshire Brands Company from October 2002 to May 2012. He served as a Director of Scania AB. He served as a Non Executive Director of Reed Elsevier plc from April 8, 2003 to April 16, 2007 and D.E Master Blenders 1753 N.V. until February 27, 2013. He served as Member of supervisory board at Stork B.V. since January 26, 2007. He served as Non-Executive Director of Reed Elsevier Group plc (now RELX Group plc) from April 8, 2003 to April 18, 2007 and Reed Elsevier NV since April 9, 2001. He served as Member of the Supervisory Board at Akzo Nobel NV since May 1, 2003 and Reed Elsevier NV since April 9, 2003. He served as a Member of the Supervisory Board at Heineken NV from 2002 to April 25, 2013. He served as a Member of the Supervisory Board at Royal Imtech N.V. from June 18, 2013 to May 12, 2015. He served as a Member of the Board of Managing Directors of HBG. Mr. van Lede served as a Member of the Supervisory Board at L'Air Liquide SA from May 2003 to May 10, 2006. From 1984 to 1991, he served as Chairman of the Confederation of Netherlands Industry and Employers (VNO). He is a Member of the European Round Table of Industrialists, a member of the Board of Trustees of The Conference Board, a Member of the International Council of JP Margan Chase and is the Member of the Netherlands Pensions and Insurance Supervisory Authority. Mr. van Lede holds Law degree from the University of Leiden and an MBA from INSEAD Institute of Business Administration in Fontainebleau, France.

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